OHFA Tax Credit Application Not Funded? Here’s What to Do. - VIDEO

Early summer is when the Ohio Housing Finance Agency announces its awards of low-income housing tax credits. If your application wasn’t funded, you’re not alone – the awards are very competitive and only about one third of applications get funding. If you find yourself with an unfunded application and you’re wondering what to do with your project, GJM’s Ken Saggese, CPA has some ideas on what to do next.

Some other suggestions from Ken: discuss with your project team various ways you might be able to improve your application’s score or its tie-breaks. Compare your project’s score to the scores of others that were awarded – OHFA’s Qualified Allocation Plan (QAP) will give details about how each part of your score is calculated. And maybe the secret ingredient is the simple step of engaging with the community stakeholders where your project is located, to get more positive grassroots support. Talk with GJM’s affordable housing team or your trusted advisor before giving up on a promising project.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

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